How Medical Device Industry is Failing

In the recent PricewaterhouseCoopers (PwC) report, “Top Health Industry Issues of 2014”, the company declared that the medical device industry is getting back on track, boosted by the Affordable Care Act, technology advances and changing consumer attitudes. However, the medical device companies are still failing in some areas of this new landscape.

According to PwC report, due to the resistance of the medical device companies to show their consumers what they are getting for their money, more than 50% of them don’t think they have enough information on prices when buying medical devices.

Another indicator of PwC report is that less than 15% of the medical technology executives admit their company formally manages innovation. This demonstrates that the medical technology companies should be more concerned in managing their resources and investing in innovation.

The last indicator of “Top Health Industry Issues of 2014” which shows how medical device companies are failing is the waste of patient data. Few companies integrate patient data captured via apps into clinician workflows, electronic health reports and their R&D systems to drive innovation.

References:http://www.mddionline.com/article/3-ways-medtech-industry-failing